British billionaire Richard Branson on Thursday committed to spending all the profits from his airline and rail businesses -- an estimated US$3 billion over the next 10 years -- on combating global warming.
The Virgin Group chairman, whose company also includes music and mobile phone ventures, has already created Virgin Fuels, which will invest US$400 million over three years in renewable energy initiatives as part of his pledge.
But profits from the Virgin Group's transport businesses, which make up nearly half the company, will also be spent on separate investments in biofuel research, development, production and distribution, and projects to tackle emissions through a planned Environmental Trust.
Now more than ever…
chinadialogue is at the heart of the battle for truth on climate change and its challenges at this critical time.
Our readers are valued by us and now, for the first time, we are asking for your support to help maintain the rigorous, honest reporting and analysis on climate change that you value in a 'post-truth' era.